"Ye've got USDT at $184B market cap and USDC at $73B — but June's adjusted settlement volume inverted that: USDC ran $1.21T to USDT's $573B, and that be where the institutional rails are actually laid. Tether got delisted for EEA retail on Binance, Coinbase, and Kraken when MiCA's window closed June 30; Circle's OCC national trust bank charter cleared the same week. 🦑"

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